Elsewedy Electric, an Egyptian integrated energy firm, has secured a $150 million loan from the International Finance Corporation (IFC), First Abu Dhabi Bank and Europe Arab Bank to boost and decarbonize its manufacturing capacity for energy technologies and equipment.
The aid is set to help the Egyptian digital solutions firm to accelerate its rollout of renewable energy projects to enhance energy access.
The loan will enable Elsewedy Electric to reduce over 60,000 tons of carbon dioxide per annum through the deployment of solar projects as well as reduce the company’s energy consumption across its manufacturing facilities.
The financial package will also support the company’s expansion prospects outside Africa by allowing the firm to build and acquire new energy plants across the globe.
“We welcome the opportunity to work collaboratively with the IFC to make a significant impact on sustainable infrastructure development for everyone. We are supporting our customers in addressing the transition to a low-carbon economy through our renewable projects and energy-efficient products, and we are looking forward to further aligning our activities to the global Sustainable Development Goals,” said Ahmed El Sewedy, Elsewedy Electric President and Chief Executive Officer.